Dubai saw a recessional hit in 2008 and the property market took a plunge downwards decreasing the property value by 50%. Despite that Dubai property market continued to develop and create projects consistently, working on the pace of the realty market because the ceaseless stream of tourists and expats need residences with style and class and nobody does it better than Dubai.
Most importantly it’s the hub of all the international offices and business for the continent of Asia and the Middle East.
This is the very reason that created some of the most stellar luxury living residences and localities of all times. One such crowning achievement of Dubai was Jumeirah Beach Residence apartments. Bayut.com, a very reliable and famous property portal of the UAE real estate, reports that Palm Jumeirah apartments are one of the most favoured and popular residences and resorts for the tourists as well as the locals. Not just that, statistics show that Palm Jumeirah apartments are taking an upward hike luring the investors and pouring the investment in the financial landscape of Dubai. Palm Jumeirah apartments experienced an 18.3% price hike in Q1 2013.
The spiking rental and sale prices, continuous unique developments in Palm Jumeirah and rise in popularity of JBR apartments are the reasons that provoke the interest and investment of foreign investors and buyers. The latest investment for development in Palm Jumeirah is the construction of 1 billion dollar hotel which is a joint venture between Viceroy Hotel and Resorts and Skai Holding. This new hotel will feature 481 suits and 221 signature residences presenting a breath-taking view of the spectacular vistas of the Gulf as it’s located at the iconic base of the Palm’s trunk. Important tourist destinations like Downtown Dubai, Dubai Marina, Dubai Emirates and Media City all are very expediently reachable from it.
The UAE realty industry has found the perfect marriage with the tourism industry as both complement each other and integrate together to achieve the same result and the tourists are provided with the most luxurious and quality accommodation for both temporary and permanent reasons.
For more information please visit: http://www.bayut.com
This press release is also published on PRLOG: http://www.prlog.org/12166553-jumeirah-beach-attracts-billion-dollar-project-as-it-continues-to-see-price-hikesreports-bayutcom.html